For the first time in Sub-Sahara Africa, Treasury bill can be bought through Mobile Money.
This has been made available through a collaboration between Ecobank Capital Advisors Ltd., a wholly owned subsidiary of Ecobank and MTN Mobile Money.
Dubbed ‘TBill4All’, mobile money wallet owners will be able to buy Treasury bill with as less as GHC5.
The Executive Director for ECOBANK Capital advisers, Rita Aba Tsegah told Starr Business the initiative will be a game changer.
“For us we are really commited to this. We want to bring it down there to see greater financial inclusion. People move more away from keeping their money under their beds, in places not secured and joining onto this; and Treasury bill is a very secured investment instrument; and so people have confidence in this. Once the communication gets down there it will work,” she said.
Using their phones, individuals can now invest in the Government of Ghana Treasury bills anytime, anywhere and with as little as five Ghana Cedi. Ecobank TBill4All has the added benefit of providing financial inclusion and convenience.
The product will also remove the perception that Treasury Bills is an elitist product and position it as an investment vehicle for all. As a self-service platform, subscribers have absolute control of their transactions.
It is therefore an excellent means for encouraging the culture of savings and wealth creation in Ghana and indeed has the potential of becoming a key catalyst of socio-economic growth through sustained interest and participation by all
Ghanaians in the savings drive.
The guest speaker for the occasion Dr. Adu Anane Antwi, the Director General of the Ghana Securities and Exchange Commission, spoke on the immense benefits of the product to Ghana’s economic growth.
Promoted by Ecobank Capital Advisors Limited, the project has immense benefits; it is presently designed to operate on the MTN Mobile Money platform, which currently offers the widest coverage with the highest subscriber base in Ghana.
Also speaking at the launch, the First Deputy Governor of the Bank of Ghana, Mr. Millison Narh also commended Ecobank and congratulated them for staying close to their customers and coming up with such an innovation. Ecobank has been at the forefront of digitally driven initiatives for financial service.
The development of Tbill4all is a testament to Ecobank’s commitment to levelling the playing field in the investment sector. He applauded Ecobank for its efforts in this direction, and for once again, taking the lead, and setting the pace for a new investment agenda.
Mr. George Mensah Asante, Executive Director at Ecobank Ghana and Head of Consumer Banking for Ecobank Ghana and Anglophone West Africa spoke on behalf of the Group Executive for Consumer Banking, Mr. Patrick Akinwuntan. He indicated Ecobank’s delight in being at the forefront of encouraging an all-inclusive savings and investments culture within Ghana.
He added that Ecobank was interested in the promotion of financial services through technological enhancement and that this service forms part of a series of technologically enabled platforms that would transform banking and financial services in Ghana.
The service will also be available on Ecobank internet banking, Ecobank Mobile App and eventually on all networks of the group to ensure greater financial inclusion across the continent.